Although Bitcoin (BTC) has yet to surpass its all-time high (ATH) value in U.S. dollars, the cryptocurrency giant has achieved a new ATH against the euro and several other fiat currencies. On October 29, Bitcoin soared past €68,000 ($73,561), marking a new ATH against the euro. This landmark was reached across various crypto exchanges, including Binance.
This development signifies Bitcoin’s first new ATH against the euro since March 2024. While Bitcoin came tantalizingly close to setting a new ATH in U.S. dollars, it fell short by roughly $200, dipping from $73,620 to $71,805 at the time of this writing.
The variance in Bitcoin’s performance against the euro versus the U.S. dollar can be attributed to changes in the strength of the dollar. On March 14, when Bitcoin last hit its USD ATH of $73,737, the USD/EUR exchange rate stood at 0.9113. Currently, the rate is 0.9238, reflecting a weakening euro against the dollar.
A significant factor behind the dollar’s resurgence is the U.S. Federal Reserve’s decision to hike interest rates in an effort to curb inflation to its 2% target.
Bitcoin has also achieved a new ATH against the Canadian dollar (CAD), reaching just over CAD 102,000, which is approximately USD 73,225. Predictably, BTC has set new ATHs against weaker and hyperinflated fiat currencies, including the Turkish Lira, Argentine Pesos, and Russian Ruble.
Bitcoin’s stellar performance arrives at a pivotal moment, with the U.S. presidential elections looming, the repercussions of the BTC halving event, and a spike in demand for stablecoins.
While Bitcoin’s new ATH against the euro is promising, the broader crypto market is keenly awaiting a USD-denominated ATH. The majority of crypto trading occurs in USD or USD-pegged stablecoins like USDT and USDC.
Current data reveals that the BTC/EUR trading pair generates substantial volumes on platforms such as Bitstamp ($39.8 million), Binance ($36.7 million), and WhiteBit ($26.7 million). However, these numbers are eclipsed by higher-volume trading pairs like BTC/Korean Won (KRW), which sees daily trading volumes reaching up to $400 million – nearly ten times more than the most-traded BTC/EUR pair.
Recent trends indicate that despite approaching ATH levels, BTC traders are refraining from profit-taking around the $71,000 mark. This hesitancy suggests that market participants anticipate further price increases, driven by the current momentum.
Providing insight into Bitcoin’s trajectory, respected analyst Peter Brandt remarked that a daily close above $76,000 is necessary to confirm a definitive breakout. As of now, Bitcoin trades at $71,805, reflecting a 0.6% increase in the past 24 hours.
